Giant Energy Storage Project Hoovers Up Excess Wind & Solar
What was that again about wind and solar power being unreliable? Some energy pundits are still tossing that old ball around, but meanwhile savvy investors are plowing billions into new energy storage facilities that spit out clean kilowatts on demand. Like they say, money talks, and in a fitting twist the latest example comes from the Golden State, California.
Massive New Energy Storage Facility For The Golden State
California has plenty of both wind and solar, and it also has an ambitious renewable energy goal, which makes it the perfect spot to launch ambitious clean power projects such as massive new energy storage facilities.
California is also the perfect place to demonstrate how existing, climate-killing fossil energy sites can transition rapidly into climate action sites. After all, the state has played a key role in the US fossil energy industry, despite its image as an environmental warrior. It is riddled with oil and gas wells in addition to fossil power plants and existing transmission lines, and some of them are ripe for the picking by clean energy investors.
The new energy storage facility is a case in point. The diversified energy firm Vistra is behind the project. They are pitching it as the largest battery-type storage facility of its kind, and they are not kidding.
Located in Moss Landing near Monterey, California, the facility got under way in 2020 and it just completed an expansion, bringing its capacity to 400 megawatts or 1,600 megawatt-hours, depending on who’s counting and why. According to Vistra, the expansion kicked Moss Landing into world’s record territory.
That’s nothing. So far, work on the first two phases has progressed ahead of schedule, and Vistra is looking forward to another expansion that will bring the plant up to 1,500 megawatts, which translates into 6,000 megawatt-hours.
For those of you keeping score at home, the State of California, Pacific Gas and Electric Company, LG Energy Solution, and the engineering and construction firm Burns & McDonnell also have a hand in the project.
The Moss Landing Energy Storage Project Is A Good Start…
Land use issues are already threatening to slow down the clean energy transition, so any use of existing energy-related sites is an advantage that helps speed up the transition to clean power. Large-scale battery facilities like the Moss Landing project enable more wind and solar development on the grid, so the impact ripples out far beyond the site itself.
Vistra CEO Curt Morgan explains that “what’s great about this particular site is that it has the space to support even further expansion – up to 1,500 MW/6,000 MWh – while responsibly utilizing our existing site infrastructure, including existing transmission lines and grid interconnection.”
The battery array is housed inside an existing turbine building at the site, which is almost as long as three football fields, so just imagine if all those batteries involved digging up a pollinator habitat instead of occupying pre-built space.
As for what has been on the site previously, Moss Landing has a fossil energy pedigree of historic dimensions. The story started back in 1950, when a power plant built by Pacific Gas & Electric went into operation. PG&E was the whole story for almost 50 years, until 1998 when a series of transactions from Duke Energy to LS General Finance to Dynegy landed Moss Landing in the lap of Vistra, by dint of a 2018 merger with Dynegy.
Vistra has gotten loads of good press for the Moss Landing energy storage facility, which comes under its Vistra Zero branch. Other energy storage projects in the works in California and Texas, where Vistra Zero also doing a lot of solar. They also count the 2,300 megawatt, 1990’s-era Comanche Peak nuclear power plant in Texas among its zero emission assets, though a pesky fire at the facility has raised some red flags relating to the stowing of all your energy eggs in one basket. As of this writing the plant’s two units are scheduled for decommissioning between 2030 and 2033.
…But Vistra Has A Long Row To Hoe
On the down side, the Moss Landing energy storage project is part of a broader plan for leveraging batteries to store electricity from fossil sources in addition to wind and solar, for at least as long as fossils power the grid.
In that regard, Vistra has much to do and little time before the climate piper must be paid. The Moss Landing energy facility is dwarfed by the holdings of Vistra subsidiary Luminant, which counts 39,000 megawatts worth of generation capacity across 12 states, counting Comanche Peak.
The Luminant portfolio includes some solar, but as of 2019 its solar holdings barely registered on a pie chart. Natural gas and coal still share the throne, with nuclear holding on to a somewhat meaty sliver.
Nevertheless, Vistra’s interest in wind power has been coming along at a nice clip, and other signs of a strong uptick in renewable energy activity have been growing this year, partly spurred by the settlement of a complaint brought by Sierra Club. The settlement involves closing Vistra’s Joppa coal and gas power plant in Illinois, and it provides the company with an opportunity to lobby for the proposed “Illinois Coal to Solar and Energy Storage Act.”
If passed, the bill would help shepherd along Vistra’s plans for converting several other coal power plants in Illinois to renewable energy. The company has already set aside $550 million for the effort, which would involve a total of nine sites, 300 megawatts in solar capacity, and 175 megawatts in battery-type energy storage. Vistra also plans a similar fate for its coal power plants in Ohio.
If you’re thinking the Joppa site will soon be plastered with solar panels, guess again. Apparently the site is not suited for conversion to utility scale solar power. A 45-megawatt battery will go there instead, which is enough to serve about 22,500 typical homes.
Beyond Batteries For Long Duration Energy Storage
That figure of 22,500 homes sounds impressive, but the big question is for how long. Battery-type energy storage systems typically only last just a few hours. That is enough to power a grid past peak demand periods without having to dial up additional fossil energy capacity, typically in the form of natural gas. However, four hours is not nearly long enough to replace all existing “peaker” plants.
Our friends over at Power Magazine recently cited a study by the National Renewable Energy Laboratory, which indicates that about 150 gigawatts in fossil energy peaker plant capacity is on track to retire within the next 20 years in the US. Battery-type energy storage facilities could only replace about 28 of those gigawatts under a four-hour scenario.
To replace the rest, something that lasts longer than four hours or so is needed. The US Department of Energy has been hammering away at the problem under its DAYS “Duration Added to ElectricitY Storage” program. The acronym is a bit of a stretch, and so is the endeavor. DAYS is looking for a minimum of 10 hours of energy storage, preferably reaching 100 hours or more.
That might sound like a tough nut to crack considering the state of battery-type storage. However, pumped storage hydropower already fits the bill, proving that it is possible. The problem with pumped hydro is the narrow range of options for site selection.
Flow batteries are another water-based option that allows for a much wider range of deployment. The water is contained in tanks and the whole thing can be packed into a a relatively small container, or a larger facility depending on the use case.
Another option is to take the gravity-based underpinnings of pumped hydropower and apply them to solid objects instead of water.
One interesting mashup in that area is the company Energy Vault, which is considering the use of recycled wind turbine blades in a gravity-based storage system that resembles a sideways Ferris wheel.
The compressed air energy storage field is also growing out and scaling up, so keep an eye on that, along with thermal systems and other interesting storage solutions.
Follow me on Twitter @TinaMCasey.
Photo: Moss Landing energy storage facility courtesy of Vistra.
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Environment
Shares of Paccar – Peterbilt and Kenworth owner – soar after Trump’s heavy truck tariffs
A Peterbilt 579 truck equipped with Aurora’s self-driving system is seen at the company’s terminal in Palmer, south of Dallas, Texas, September 23, 2021.
Tina Bellon | Reuters
Shares of Paccar jumped Friday after President Donald Trump announced that he will impose a 25% tariff on imported heavy trucks beginning Oct. 1.
Paccar was last up more than 6% premarket.
Trump said in a social media post Thursday that “large Truck Company Manufacturers, such as Peterbilt, Kenworth, Freightliner, Mack Trucks, and others, will be protected from the onslaught of outside interruptions.”
PCAR 5-day chart
Paccar is the owner of Peterbilt and Kenworth. It manufactures more than 90% of its U.S. trucks domestically but they cost $8,000 to $10,000 more than competitors in Mexico, Bank of America told clients in a Friday note.
Trump’s announcement “likely addresses this issue and places PCAR in the driver seat,” BofA analyst Michael Feniger said.
British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024.
Nurphoto | Nurphoto | Getty Images
Five months ago, British energy major BP was firmly in the spotlight as a prime takeover candidate. Now, not so much.
Shares of the London-listed oil giant have climbed more than 32% since early April, outperforming many of its U.S. and European rivals.
The improving sentiment can be attributed to a range of factors, including BP’s fundamental strategic reset, a leadership shake-up, progress on its cost-cutting program and a string of recent oil discoveries.
It marks a stark contrast to earlier in the year, when BP found itself to be the subject of intense takeover speculation, with British rival Shell, UAE oil giant ADNOC and U.S. majors Exxon Mobil and Chevron all among the names touted as possible suitors.
BP CEO Murray Auchincloss insisted the company was focused on growth when asked about any approaches, saying last month: “That’s what is going to drive the share price up for shareholders.”
Shell, for its part, swiftly denied reports in late June that early-stage talks were taking place to acquire BP. The company said at the time that it had “no intention” of making a blockbuster offer for its embattled rival.
Allen Good, equity analyst at Morningstar, said he was unsure of the merit of the takeover speculation from the outset, even while the company was in turmoil and trading at a steep discount to its peers.
“Shares have since done better,” Good told CNBC. “And I think probably the most recent catalyst was the selection of the new chair, who is coming from CRH and has previous experience with meaningful turnarounds and being successful.”
Shares of BP since April 11.
Following a green strategy U-turn earlier in the year, BP announced in July the appointment of Albert Manifold as its new chairman. The former boss of building materials producer CRH has since joined the firm’s board and will formally become chair from Oct. 1.
A BP spokesperson was not immediately available to comment when contacted by CNBC.
Oil discoveries and Elliott’s arrival
BP’s share price gain has coincided with some notable rating and price target upgrades. Berenberg, for instance, recently upgraded BP to buy from hold and raised its price target to £5.00 ($6.73), from £3.85, citing the firm’s significantly stronger second-quarter results.
In early August, BP reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
Speaking to CNBC’s “Squawk Box Europe” shortly after these results, BP’s Auchincloss highlighted the growth potential of the company’s recent oil and gas discoveries, adding that he was “very optimistic” about the discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro.
The discovery marked the firm’s 10th since the start of the year and is regarded as a potentially significant boost as BP continues to double down on hydrocarbons.
Russ Mould, investment director at AJ Bell, said BP’s resilience in the face of skepticism “is interesting and can be a telling sign,” particularly as the share price rise comes despite what he described as “relentlessly negative commentary” on both the company and the oil price.
“Elliott’s arrival on the share register remains a factor, too, as the activist presses for disposals, improved cash flow, deleveraging and improved cash returns to shareholders, a clarion call to which BP appears to be listening,” Mould told CNBC by email.
Activist investor Elliott went public with a stake of more than 5% in BP in late April, bolstering expectations that its involvement could pressure the company to shift back toward its core oil and gas businesses.
A fuel pump is seen connected to a car at a gas station in Krakow, Poland on June 19, 2025.
Nurphoto | Nurphoto | Getty Images
Given Shell’s reported interest in a takeover appears to have cooled, Mould said BP’s best defense to any potential suitors would be a higher share price and an improved valuation.
“Valuation, or the price paid, is the ultimate arbiter of investment return and the more they have to stump up, the less likely predators are to appear, as higher valuations limit upside potential and increase downside risks should anything unexpected go wrong,” Mould said.
Debt burden
Looking ahead, energy analysts singled out BP’s relatively high debt burden as a potential cause for concern, however.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion in the first three months of the year.
“If you get a situation where oil prices start falling, then they are certainly the most exposed in the peer group,” Morningstar’s Good said. “So, that would be something that could derail this momentum.”
Government researchers in the US and abroad believe we could help decarbonize and electrify the transportation sector with hardy, fast-growing plants that collect the metals needed to manufacture electric vehicle batteries in their roots, then harvest those metals later with a process that’s cleaner and cheaper than traditional mineral mining.
Nickel is just one example of a critical element in the production of modern EV batteries, but mining it is messy, expensive, and destructive. It used to be, anyway – a new French biotech startup says it has a better idea: extracting nickel from daisies.
Getting nickel and other useful metals from plants is made possible through a process called phytomining. But, as you’ve probably guessed, everyday plants don’t collect enough of these metals to make the extraction commercially viable. That’s where a French biotech startup called “Genomines” comes in.
Genomine’s relies on biologically engineered plants it calls “hyperaccumulators.” These plants naturally pull metals and minerals out from the soil they’re planted in through their roots, and store it in their stems and leaves, where Genomine can harvest it later.
“It’s important because we need a lot of metal, especially for the energy transition in batteries in electric vehicles,” Fabien Koutchekian, co-founder and CEO of Genomines, told Fast Company. “Not only in batteries, but [nickel is] widely used in stainless steel as part of infrastructure. The problem is that with current traditional mining methods, we will not be able to produce enough.”
Genomines predicts that hitting the 2040 goals set out by the Paris Agreement to transition all the world’s cars to electric vehicles will require six (6) times today’s global metal output and a significant number of new, potentially destructive mining operations.
That’s bad.
More farms, fewer mines
Not only are mining operations generally destructive, they often accompany (if not cause) a number of human rights issues as they get to work. “Indigenous Peoples and rural communities are paying a heavy price for the world’s scramble for energy transition minerals,” explains Veronica Cabe, Chair of Amnesty International, Philippines. “Not only did these communities undergo seriously flawed consultation processes – blighted by misrepresentations and a lack of information – they are now being forced to endure the negative impacts of these mining operations on their health, livelihoods and access to clean water.”
Genomines thinks its high-performance custom daisies could avoid this sort of environmental and cultural harm. They’ve convinced investors of that, too, to the tune of more than $45 million from a group that includes Hyundai and Jaguar and Land Rover parent company Tata.
“Our mission is to harness plant biotechnology to extract resources essential for clean energy technology via scalable processes that preserve biodiversity, soil health and human well-being,” explains Koutchekian. “Our vision is to create an entirely new industry of plant-based metals. Genomines unlocks a scalable new resource base – we can fundamentally rebalance global mineral supply chains for decades to come.”
Genomines says its methods are not only scalable, but offer a number of additional benefits over conventional mineral mining:
- Transformation of non-productive land into economic assets, operating in areas that are too low-grade to mine traditionally, but too metal rich to farm
- Quickly deployable farms, operationalizing an asset in 1-2 years versus 12-17 years for traditional nickel mines
- Cleaner more traceable extraction, while maintaining 40-50% lower equipment and operational costs as a result of biomass farming
- Scalable modularly, deploying smaller, capital-efficient assets at profitable rates, rather than relying on the large, capex-intensive mines of traditional industry
- Superior sustainability, the hyperaccumulator plants capture carbon as they grow, making the entire process not just carbon neutral, but potentially carbon negative
“Genomines’ technology leverages underutilized assets by extracting nickel from low-concentration soils that don’t compete with traditional agriculture. Coupled with a structural cost advantage, Genomines is well equipped to fundamentally change the way we extract critical metals, and do it in a significantly more sustainable manner,” says Alex Hoffmann, General Partner at VC firm Forbion and Genomines investor. “We are excited to be part of the journey and support the team to achieve its ambitious targets.”
Genomines estimates that about 30 to 40 million hectares of land across the globe contain enough nickel for their phytomining processes to prove enough nickel for the world’s EV needs, at 7-14 times the amount currently being mined. While it’s got a long way to go, the company currently employs 23 full time staff that are making real progress at their South African site, with many more soon to come.
That’s good.
SOURCES: Genomines; via Business Insider, Good Good Good, SingularityHub.
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